Customer Loyalty in the Age of Social Media

In the past, it was difficult to accurately quantify customer loyalty. Of course, you could always have some idea about how loyal your customers were, but it was hard to determine how you could directly affect their loyalty. Similarly, it was close to impossible to see how building customer loyalty boosted revenue. Thanks to social media, all that has changed.

Nowadays, through this platform, businesses can get an accurate understanding of how customer loyalty develops in real time. Social media monitoring tools have the ability provide businesses with a better understanding of customer lifetime value (CLV), which defines the monetary value of long-term customer relationships.

Even more beneficial is the fact that you can use new media tools to monitor the impact your customer service has on customer loyalty. You can even analyze customer trends and preferences based on the material offered up by social media.

However, it is not enough to harness the power of social media to build customer loyalty and study how it grows. To truly engage your customers, you must also invest in some form of personal communication with them—such as by setting up a local call center through which your company can directly discuss concerns with customers. By looking both at statistics collected over the Internet and personally hearing client feedback, you can more holistically measure customer satisfaction, loyalty, and growth.

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